Introduction to Marketing – Vocabulary – Flashcards
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Marketing
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The process of developing promoting and distributing products to satisfy customers wants/ needs
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Form utility
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putting materials together to make them useful
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Place Utility
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Having a product where customers can buy it
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Time Utility
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Having a product available (Time of year/season)
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Possesion utility
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the exchange of a product for money
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Goods
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products that are tangible
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Products
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Goods/services that are sold to make money and satisfy needs/wants
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Services
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Products that are not goods and are not tangible
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Market
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people who have the same wants/needs and have the ability to purchase a product
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Market Share
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the percentage of total sales in a given market
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Target market
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narrow defined group of people
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Distribution
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deciding where to sell the products how to get them to customers
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market planning
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understanding who the company wants to sell to
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market info management
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getting necessary information to make good marketing decisions
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Pricing
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how much to charge for goods/services
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Product service managment
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Developing/improving a product in response to market opportunites
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Promotion
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Communication with potential customers/persuade you
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selling
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providing customers with the products they want
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Form Utility Example
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Zipper/Thread- Jacket
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Place Utility Example
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Internet/Mall
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Time Utility Example
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Time of year/Season
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Possession Utility Example
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buying a 40$ Shirt
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MM: Product
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What product- develop update improve
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MM: Place
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Where to sell/distribute
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MM: Price
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How much customers are willing to pay
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MM: Promotion
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How are you going to promote/advertise
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Marketing Mix ( Four Ps)
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Product, place, price, promotion
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Target Market characteristics
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age, occupation, lifestyle, income level, attitudes, geographic residence, ethnic background
